If a sum of money at simple interest doubles | vedclass

Name: Exam Paper Generator | JEE NEET Paper Generator | Vedclass
Brand: Vedclass
Rating: 5 (35 reviews)

Question

(C) Let the principal be $P$. Given that the amount becomes $2P$ in $6$ years,the Simple Interest $(SI)$ is $Amount - Principal = 2P - P = P$. Using t

Vedclass · Accepted Answer

$18$

Vedclass · Answer

(C) Let the principal be $P$. Given that the amount becomes $2P$ in $6$ years,the Simple Interest $(SI)$ is $Amount - Principal = 2P - P = P$. Using the formula $SI = \frac{P 	imes R 	imes T}{100}$,we have $P = \frac{P 	imes R 	imes 6}{100}$. Solving for $R$,we get $R = \frac{100}{6} = \frac{50}{3} \%$ per annum. Now,we want the amount to become $4P$. This means the required $SI = 4P - P = 3P$. Using the formula again: $3P = \frac{P 	imes (50/3) 	imes T}{100}$. $3 = \frac{50 	imes T}{300} \Rightarrow 3 = \frac{T}{6} \Rightarrow T = 18$ years.

If a sum of money at simple interest doubles itself in $6$ years,it will become four times in how many years?

Similar Questions

Asmita invests an amount of $Rs. 9535$ at the rate of $4\%$ per annum to obtain a total amount of $Rs. 11442$ on simple interest after a certain period. For how many years did she invest the amount to obtain the total sum?

The sum of money that will produce ₹ $1770$ interest in $7 \frac{1}{2}$ years at $8 \%$ simple interest per annum is:

The cost price of a car is $Rs. 400000$. If its price decreases by $10\%$ every year,then what will be the cost (in $Rs.$) of the car after $3$ years?

If the interest on ₹ $800$ is more than the interest on ₹ $400$ by ₹ $40$ in $2$ years,then the rate of interest (in $\%$) per annum is:

$A$ certain sum is invested for a certain time. It amounts to ₹ $450$ at $7 \%$ per annum. But when invested at $5 \%$ per annum,it amounts to ₹ $350$. Find the sum (in ₹).

Vedclass Test Series

Exam Paper Generator

Online Exam Module